SCRIP DIVIDEND SCHEME

RESOLUTION LIMITED

(the "Company")

SCRIP DIVIDEND SCHEME

4 October 2012

In accordance with the rules of the Company's Scrip Dividend Scheme, the Company will issue 26,435,094 ordinary shares at no par value to shareholders who have elected to receive new ordinary shares instead of a cash dividend, for the 2012 interim dividend.

Accordingly, an application has been made to the UK Listing Authority for these shares to be admitted to the Official List and to the London Stock Exchange for these shares to be admitted to trading. The new ordinary shares will rank pari passu with the existing issued shares of the Company. Dealings are expected to commence on 5 October 2012.

A copy of this announcement is available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on the Company's website www.resolution.gg

Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: +44 (0)1481 745000

Resolution Limited

The Company's ordinary shares were admitted to the Official List and to trading on the main market of the London Stock Exchange in December 2008. The Company transferred to a Premium Listing as it completed its first acquisition, Friends Provident Group plc, on 4 November 2009 and is subject to those provisions of the Listing Rules that apply to overseas companies with a Premium Listing. The Company completed its second acquisition, the majority of the AXA UK life business, on 15 September 2010. On 31 January 2011, the Company completed its third acquisition, the shares and business of Bupa Health Assurance Limited.